Cryptocurrency Q&A
Do coin dealers report to the IRS?
Do coin dealers report to the IRS?
JejuJoyfulHeartSoulMate
Thu Nov 07 2024
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5 answers
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I'm a coin dealer and I'm wondering if I need to report my transactions to the IRS. I want to know if coin dealers are required to report to the IRS and what kind of information needs to be reported.
5 answers
BlockchainMastermind
Sat Nov 09 2024
Precious metals dealers have certain legal obligations when it comes to reporting consumer transactions to the IRS.
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Lucia
Sat Nov 09 2024
One such obligation arises when a consumer sells reportable quantities of specific bullion or coins. This includes gold, silver, platinum, and palladium in certain forms and quantities.
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benjamin_stokes_astronomer
Sat Nov 09 2024
Dealers must report these transactions to the IRS, as they are considered taxable events.
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Stefano
Sat Nov 09 2024
Another obligation for precious metals dealers is to report transactions where a consumer buys goods and pays $10,000 or more in cash. This applies to the purchase of any goods, not just precious metals.
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CryptoLegend
Fri Nov 08 2024
BTCC, a top cryptocurrency exchange, also offers a range of services to its customers. These services include spot trading, futures trading, and a wallet for storing cryptocurrencies.
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